If you are a used motor vehicle dealer in Oklahoma, you need a “Used Motor Vehicle Dealer Surety Bond”. Oklahoma Used Motor Vehicle and Parts Commission requires the following to apply for a license: used motor vehicle salesperson, used motor vehicle dealer, wholesale dealer, re-builder, auction, crusher, manufactured home dealer, and manufactured home manufacturer. Each license has different requirements and bond amounts. The Oklahoma Motor Vehicle Dealer is a $25,000.00 bond for a 2-year term. Rate Start from $175
Any business or individual that is transacting business as a Wholesale Motor Vehicle Dealer must be licensed and provide a Wholesale Motor Vehicle Dealer License Surety Bond. This bond allows the licensed individual or business entity to buy/sell/deal with other licensed dealers at wholesale only. Some states require this Bond based on the volume of sales. The Motor Vehicle Dealer Bond is also referred to as a Dealer Bond, MVD Bond, Auto Dealer Bond, Used Dealer Bond, and similar names. You are required to have a bond prior to obtaining a Dealer License.
How Much Will This Bond Cost?
The premium that you pay for an Oklahoma Used Motor Vehicle Dealer Surety Bond is dependent on credit, the type of bond needed and experience in the motor vehicle dealer industry. Our rates start from $175 and up with good credit.
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Surety Bond Amount Requirements:
- Used Motor Vehicle Dealer: surety bond amount: $25,000
- Wholesale Motor Vehicle Dealer surety bond amount: $25,000
- Used Motor Vehicle Re-builder surety bond amount: $15,000
- Used Motor Vehicle Dealer Auction surety bond amount: $50,000
- Used Motor Vehicle Crusher surety bond amount: $25,000
- Manufactured Home Dealer surety bond amount: $30,000
- Manufactured Home Manufacturer surety bond amount: $30,000
- Dealer applicants must complete the application, pay the licensing fee and obtain a surety bond.
- The application process includes providing financial statements, $25,000 Garage Liability Insurance, photos of the inside and outside of the business location including signage, lot and office, proof of zoning approval, attend the required education program and obtain a surety bond.
- License and surety bonds renew every two years.
Related Link for More Information and Where to Apply for Your Oklahoma Dealer License:
Oklahoma Used Dealer Commission
Used Motor Vehicle Dealer’s License Application
Wholesale Motor Vehicle Dealer’s License Application
Oklahoma Used Motor Vehicle and Parts Commission Frequently Asked Questions